Loton has signed a non-binding letter of intent to acquire FilmOn.TV. FilmOn.TV holds a license and franchise agreement from FilmOn.com, the Internet-based, high-definition television (IPTV) service provider with properties in the U.S. and Europe. The letter of intent is subject to due diligence and negotiation of a definitive acquisition agreement, and certain other conditions, and is exclusive to Loton for 60 days. If the transaction is completed, Loton will merge with FilmOn.
FilmOn delivers ubscription-based television services to IP-enabled devices including TVs, set-top boxes, PCs, mobile phones, and tablets.